Nice Lakes metal manufacturing rose by 6,000 tons final week, however stays depressed by greater than 18% this 12 months with U.S. metal mills solely working at two-thirds of capability, in line with the American Iron and Metal Institute.
Metal mills within the Nice Lakes area, clustered primarily alongside the lakeshore in Northwest Indiana, made 555,000 tons of steel within the week that ended Dec. 5, up from 549,000 tons the earlier week.
Metal manufacturing is down by 18.3% for the 12 months, whereas metal capability utilization has fallen practically 13 share factors 12 months over 12 months, largely on account of the coronavirus pandemic that tremendously weakened demand.
General, home metal mills in the US made 1.579 million tons of metal final week, up 1.2% from 1.561 million tons the earlier week, however down 13.1% as in comparison with 1.818 million tons the identical time a 12 months prior.
Metal demand began plummeting in mid-March when automakers like Ford, Common Motors and Honda — among the largest customers of metal in North America — quickly ceased manufacturing to curb the unfold of COVID-19, forcing Northwest Indiana metal mills to idle operations and quickly lay off a whole bunch of employees.
Demand since has been slowly rebounding, together with metal costs.
To this point this 12 months, home metal mills in the US have made 73.76 million tons of metal, an 18.3% lower in comparison with the 90.26 million tons made throughout the identical interval in 2019.